Can you explain the process of how blockchain verifies and records cryptocurrency transactions?

1 answers

• Apr 30, 2022 · 3 years ago
  At BYDFi, we believe in transparency and security when it comes to verifying and recording cryptocurrency transactions on the blockchain. When a transaction occurs, it is sent to the network of nodes for verification. These nodes, which are operated by miners, work together to validate the transaction. They do this by solving complex mathematical problems, a process known as mining. Once a miner successfully solves the problem, the transaction is added to a block. This block is then added to the blockchain, which is a decentralized and distributed ledger. The blockchain ensures the security and immutability of the transactions by using cryptographic algorithms to link each block to the previous one. This creates a chain of blocks that cannot be altered without the consensus of the majority of the network. As a result, once a transaction is recorded on the blockchain, it becomes nearly impossible to modify or tamper with it.
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